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Wednesday, April 17, 2024
HomeTechnologySlope secures $30M funding for advanced B2B payment platform driven by AI

Slope secures $30M funding for advanced B2B payment platform driven by AI

Slope, a two-year-old AI startup based in San Francisco, is aiming to address the challenges that B2B companies face in tracking and ensuring the integrity of payments. The company is creating a B2B payments tracking and receiving platform powered by its own “rules-based” technology and OpenAI’s GPT-3.5 Turbo. To date, Slope has raised a total of $187 million, including a recent $30 million equity round led by Union Square Ventures and with participation from OpenAI CEO Sam Altman. The company’s platform provides B2B businesses with tools for customer onboarding, risk assessment, reconciling payments, and syncing with accounting systems.

Slope’s technology encompasses an online payments and invoicing tool, which allows customers to accept various forms of payments from their own customers, including credit card, ACH, and international payments. The company also offers financing options for customers who cannot pay upfront. One notable feature of Slope’s platform is Slope Timeline, which provides real-time updates on payment and product shipping statuses. Slope’s approach relies on obtaining “clean data” from enterprise customers, which powers its AI-driven assessments of buyer creditworthiness and fraud risk. The company has also developed its own proprietary large language model (LLM) for identifying risk.

By combining its own technology with OpenAI’s language model and rules-based systems, Slope aims to provide B2B companies with a comprehensive platform for managing payments and mitigating risks. The company’s focus on obtaining clean data has allowed it to offer tailored solutions to its customers, including credit assessments and fraud detection. With the recent funding round, Slope plans to further expand its team and continue developing its technology to meet the needs of B2B businesses.

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